Newsvine Fraud News

April 17, 2009

Spain Breaks Global Money Laundering Ring

Spanish authorities have arrested twenty people suspected of having
facilitated an international money laundering operation through the
sale of drugs. The investigation was initially launched in May 2008,
when Police became suspicious over several substantial transfers of
money to Colombia. Police reports suggest that the group was
responsible for transferring in excess of 3 million euros during 2007
and 2008, which was sent from Spain to bank accounts in China, Panama,
Venezuela and the United States and were eventually collated at a fake
dentistry foundation in Colombia. The Police statement went on to say
that the suspected ringleader of the Colombian network was detained by
US police in Miami, whilst the remaining suspects were detained by
Spanish police in raids carried out across Spain. At the same time, the
Police confiscated 5 vehicles; 32 mobile telephones; a quantity of
cocaine; 6 fake passports and other documentation.